NIFTY Weekend Update

• First chart shows price contraction with reducing volume. for now it looks like a descending triangle pattern. So a breakout beyond the falling resistance line or the support level should result in a trending move. Daily chart also shows strong support in 200 SMA and Lower Bollinger band.
• Weekly has again managed to protect 50 Week SMA and 38.2% Fibonacci level on closing basis. Nifty may move sideways between the range shown in first chart till expiry before breaking out.